Buy MLPs at a Discount

Opportunistic investors take note: These closed-end funds are selling for less than the value of the energy pipelines they own.

Energy partnerships capitalizing on the U.S. oil-and-gas boom have produced double-digit returns this year, but there's a tidy way to buy them on sale.

Five closed-end funds invested in master limited partnerships launched this year, and four trade for less than the value of the underlying assets. Closed-end funds trade like stocks, can use leverage to boost returns, and sometimes – like now – look like bargains due to temporary...